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Robert A. Kleinhenz, Ph.D. Chief Economist, Kyser Center for Economic Research, LAEDC LAEDC Economic Forecast & Industry Outlook Office of the City Controller, Los Angeles February 10, 2015
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U.S. Economy California Economy Los Angeles County City of Los Angeles Conclusion/Outlook Kyser Center for Economic Research Outline
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U.S. Economy Kyser Center for Economic Research
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U.S. Economy - accelerating Labor market – expansion Oil - gift World economy - struggling Stock market - volatility Kyser Center for Economic Research National Highlights
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U.S. Unemployment Rate Source: US Bureau of Labor Statistics Kyser Center for Economic Research Seasonally Adjusted, Jan 2015: 5.7%
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Source: US Bureau of Labor Statistics Kyser Center for Economic Research U.S. Nonfarm Job Growth MTM changes in thousands, Seasonally Adjusted
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Source: US Bureau of Economic Analysis Kyser Center for Economic Research Link Between GDP and Employment GDP 2014: +2.4
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Consumer Spending Business Spending Net Exports Government Purchases Kyser Center for Economic Research Sectors of Macroeconomy
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Source: US Bureau of the Census Kyser Center for Economic Research U.S. Retail Trade & Food Sales Dec 2014: +3.5% Percent change from a year ago
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Kyser Center for Economic Research U.S. Total New Vehicle Sales Millions of Vehicles Source: BEA
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Kyser Center for Economic Research Key Interest Rates Source: Federal Reserve
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Source: US Energy Information Administration Kyser Center for Economic Research Crude Oil Prices 2005-2014 Dollars/barrel
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Forecast Source: LAEDC (Feb 6, 2015) Kyser Center for Economic Research U.S. Economy to Accelerate in 2015
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Kyser Center for Economic Research California Economy
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State - faster Tech – leading Housing – potential Drought - constraint Kyser Center for Economic Research California Highlights
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California Adding Jobs Faster than U.S. Source: US BLS, CA EDD Kyser Center for Economic Research YTY % change in nonfarm jobs, seasonally adjusted
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CA Unemployment Rate Falling Quickly Source: US BLS, CA EDD Kyser Center for Economic Research Unemployment Rate
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Source: CA EDD, Labor Market Information Division Kyser Center for Economic Research Job Trends by California Metro Area Annual percent change in nonfarm jobs, seasonally adjusted CALIFORNIA – Dec 2014: +320,300 +2.1% YTY
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Forecast Source: LAEDC (Preliminary Forecast 1/26/15) Kyser Center for Economic Research California Economic Forecast
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Los Angeles County Kyser Center for Economic Research
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So Cal Economic Activity – broad Port Activity 2014 – 3 rd best Motion Picture & Sound Recording – stronger Housing - potential Kyser Center for Economic Research So Cal Highlights
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Source: CA EDD, Labor Market Information Division Kyser Center for Economic Research Local Unemployment Rates Dec 2014
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Kyser Center for Economic Research Job Trends by Industry – Los Angeles YTY % change in nonfarm employment Source: CA EDD, Labor Market Information Division Dec 2014: +70,600 jobs, +1.7% YTY
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Kyser Center for Economic Research Los Angeles County Nonfarm Jobs Dec 2014: +70,600; +1.7% Source: CA EDD, Labor Market Information Division YTY % change in nonfarm jobs
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Millions of TEUs Container Throughput San Pedro Bay Ports Sources: Ports of Los Angeles and Long Beach; forecast by LAEDC Kyser Center for Economic Research Dec 2014 YTD: +3.8%
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Kyser Center for Economic Research L.A. County Transportation & Warehousing Employment Dec 2014 YTY: +4,100 jobs, +2.6% Source: CA EDD, Labor Market Information Division
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Kyser Center for Economic Research L.A. County Motion Picture & Sound Recording Employment Source: CA EDD, Labor Market Information Division Dec 2014 YTY: +5.0% +6,400 jobs YTD: +6.5% Shoot Days: +9.6% YTY
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Kyser Center for Economic Research L.A. County Manufacturing Employment Dec 2014 YTY – Durable: -2,200, -1.1% | Nondurable: -4,500, -2.8% Source: CA EDD, Labor Market Information Division
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Manufacturing Trends Adding Jobs: Machinery Mfg Furniture Miscellaneous Durable Goods Losing Jobs: Petro-Chemical Food Aerospace Electronics Apparel/Textiles Kyser Center for Economic Research
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L.A. County Aerospace Products Manufacturing Employment Dec 2014 YTY: -900 jobs, -2.3% Source: CA EDD, Labor Market Information Division
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Kyser Center for Economic Research Technology Employment Goods & Services Sectors Source: CA EDD, Labor Market Information Division
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Source: US Bureau of Economic Analysis; IHS Economics Kyser Center for Economic Research Value of Manufacturing Output – California
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Kyser Center for Economic Research L.A. Health Care and Social Assistance Employment Dec 2014 YTY: +22,000 jobs, +3.6% Source: CA EDD, Labor Market Information Division
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Kyser Center for Economic Research L.A. County Professional & Business Services Employment Dec 2014 YTY: +19,300 jobs, +3.2% Source: CA EDD, Labor Market Information Division
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Kyser Center for Economic Research L.A. County Leisure & Hospitality Employment Dec 2014 YTY: +11,300 jobs, +2.6% Source: CA EDD, Labor Market Information Division
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Kyser Center for Economic Research L.A. County Retail Employment Dec 2014 YTY: +7,200 jobs, +1.7% Source: CA EDD, Labor Market Information Division
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Kyser Center for Economic Research Real Estate
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Kyser Center for Economic Research Home Sales & Median Prices Los Angeles County New and existing, single-family homes and condos Sales$ Thousands Source: CA Real Estate Research Council; DataQuick
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Residential Building Permits Issued in Los Angeles County Source: CIRB, California Home Building Foundation, Preliminary Forecast LAEDC (1/27/15) Kyser Center for Economic Research
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L.A. County Construction Employment Dec 2014 YTY: +5,000 jobs, 4.1% Source: CA EDD, Labor Market Information Division
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Source: CA Real Estate Research Council Kyser Center for Economic Research Apartment Vacancy Rates – Southern California Percent vacancy, quarterly averages
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Kyser Center for Economic Research Apartment Rents – Southern California Source: CA Real Estate Research Council
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Kyser Center for Economic Research Industrial Vacancy Rates – Southern California Percent vacant, quarterly averages Source: Cushman and Wakefield
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Kyser Center for Economic Research Office Vacancy Rates – Southern California Percent vacancy, quarterly averages
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City of Los Angeles Kyser Center for Economic Research
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Labor Force & Employment City of Los Angeles Source: EDD
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Kyser Center for Economic Research Unemployment Rate City of Los Angeles Source: CA EDD
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Kyser Center for Economic Research Total Taxable Sales in City of Los Angeles Source: CA BOE/LAEDC estimates/forecasts 2013-16
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2015 Southern California Forecast Kyser Center for Economic Research
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Annual percent change in nonfarm jobs Southern California Outlook 2014-15 Source: CA EDD, Labor Market Information Division; forecast by LAEDC
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Kyser Center for Economic Research THANK YOU! Kyser Center for Economic Research
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